Russell McVeagh advised ANZ, ASB, BNZ, and Westpac on the sale of New Zealand’s leading payments processor to a European company.
Paymark has been purchased by the Ingenico Group for $190m. Russell McVeagh advised the four banks, each owning 25% of Paymark, on all aspects of the sale agreement.
Corporate partner Pip Greenwood, competition partner Sarah Keene, and Tax partner Fred Ward headed the Russell McVeagh team.
The sale agreement is conditional on regulatory approval from the Commerce Commission and the Overseas Investment Office. The Commerce Commission has already said that it is satisfied that the acquisition would not substantially lessen competition.